Pierce Atwood represents and advises banks and financial institutions of all types and all sizes with respect to corporate transactions and federal and state bank regulatory requirements and restrictions, including de novo bank formations and charter conversions, holding company reorganizations, mergers and acquisitions, branch purchases and sales, interstate expansion and operations, corporate governance and structure, Community Reinvestment Act,  regulatory capital requirements, privacy, affiliate transactions, insider lending, insurance and investment activities, patents and trademarks, employment law matters, executive compensation and benefits, tax-advantaged investments, outsourced data servicing and other vendor contracts, state and federal taxation, trust and fiduciary services, and regulatory examination and enforcement proceedings.

Please contact Jack Manheimer for more information about our practices serving clients in the banking and financial services industry.

Representative Experience

We assisted Advantage Capital Partners in organizing and establishing a NMTC-based pooled loan fund under the federal and State of Maine new markets tax credit programs. Through the pooled loan, Advantage increased its investment power and positioned itself to help more business grow. We assisted with the subsequent $10 million debt, convertible debt, and equity investment in a veterinary pharmaceutical company. We also assisted with a $27 million investment in a manufacturer producing merchandise displays systems.

Advantage Capital Partners NMTC-Based Pooled Loan Fund

Pierce Atwood represents a large national bank in an overdraft fee MDL pending in the District of South Carolina.  During the course of the representation, we obtained dismissal of plaintiffs’ claims based on the bank’s past practice of ordering debits from high to low, and of usury claims based on the bank’s assessment of additional fees after a customer’s checking account continues to have a negative balance ten business days after the initial overdraft.  In addition, we successfully opposed plaintiffs’ motion to certify a class seeking actual damages for alleged violation of the Electronic Funds Transfer Act. 

Bank Overdraft Fee Litigation

We served as lead counsel for a top-ten North American bank in connection with acquisitions of mission critical information systems involving the exchange of highly regulated personal information.

Building a Bank's Critical Information Systems

Pierce Atwood represented City National Bank as a participating lender in connection with a $762 million syndicated revolving loan facility to an auto dealer, including an additional $25 million senior secured note financing and a $25 million subordinated note financing. 

City National Bank Loan Facility to Auto Dealer

Engaged by local bank to prepare memorandum comparing Maine and New Hampshire law with respect to certain specified commercial loan provisions.

Comparison of Maine and New Hampshire Commercial Loan Provisions

Pierce Atwood trial attorney and patent lawyer Bob Stier successfully defended a group of 108 banks and credit unions against claims that the ATMs they were using were infringing on patents held by an organization calling itself Automated Transactions LLC (ATL). In the end, after the defendants persuaded the court to conduct an early claim construction to establish the narrow scope of ATL’s patent claims, plaintiff gave up, dismissed its trial counsel, dismissed its claims against all the defendants, and gave covenants not to sue to all the members of the joint defense group.

Defending Against ATM Patent Threats

Defense of a financial institution in U.S. District Court in Massachusetts in an employment action brought by former employees alleging deceptive employment practices.

Defense of Financial Institution in Employment Action

In a putative class action in Maine Superior Court filed on behalf of borrowers with mortgages allegedly discharged improperly by Bank of America, Pierce Atwood helped the bank obtain a voluntary dismissal of all claims in the face of the bank’s motion for summary judgment. Quebbeman v. Bank of America, N.A., Maine Superior Court No. BCD-CV-15-01 (Order dated November 9, 2015).

Dismissal of Claims Against National Bank in Mortgage Discharge Class Action

Assist local bank in purchase of $15 million participation in $39 million loan secured by mortgage on a Portland hotel.

Local Bank in Purchase of $15 Million Participation in Loan

Advised national bank regarding contemplated acquisitions and merger review by the Department of Justice and the applicable federal banking agencies.

National Bank in Contemplated Acquisitions and Merger Review

Represented Bangor Savings Bank in its role as tax credit investor in a state and federal New Markets Tax Credit transaction providing financing for the renovation and modernization of the Millinocket Memorial Library, a private nonprofit that now operates the former public library.

NMTC Investment Helps Local Library

Represented RBS Citizens, N.A., as agent and lead lender, in documentation and closing of term loans and lines of credit to a manufacturer with facilities in Maine, California and Tennessee, totaling $35 million.

RBS Citizens Loans & Credit Lines for Manufacturer

For a regional bank, we conducted sexual harassment training for all employees and managers in Maine and Massachusetts. 

Sexual Harassment Training for Regional Bank

We recently represented a bank in a putative nationwide and statewide class action concerning student loan services filed in the Eastern District of Pennsylvania.  After we and counsel for other defendants filed motions to compel individual arbitration, the case was settled on favorable terms.

Student Loan Litigation